Relentless sell down, page-6

1.Unexplained CFO resignation,
2.High access prices for NBN access
3.TPM recently noted increasing competition as an issue for lower revenues than forecast (implications for vocus).
4.Tons of short selling of telcos recently
5.Analysts/Fund managers expecting Telstra over the coming year to "attempt to retain market share"

These issues are likely a factor for VOC ( and the telco sector atm).

But the question is whether VOC is fairly valued at these levels?